11429, Queens Village, NY

The Queens Village zip code, 11429, is located in the borough of Queens in New York City. The zip code has a population of approximately 107,000 and covers an area of approximately 2.5 square miles. The median household income in the zip code is $87,500, and the median home value is $827,100.

Since 2007, the Queens Village zip code has seen a significant increase in home equity and home prices. In 2007, the median home value was $499,700. By 2016, the median home value had increased to $827,100. This represents an increase of 116%. During this same time period, the average annual rate of inflation for Queens Village was 8%. Therefore, while prices have increased significantly over the past seven years, wages have not kept pace with this growth. This disparity between price growth and wage growth has led to increasing levels of inequality within Queens Village.

Home equity is important because it allows homeowners to borrow against their homes to finance other expenses or investments (such as purchasing a new car). Home equity also provides households with a buffer against economic downturns – if house prices decline below what is owed on one's mortgage or loan balance (i.e., "negative equity"), homeowners can often still afford their homes by selling them at a lower price than what they owe on their mortgage or loan balance (i.e., "going negative").

While there are many factors that contribute to changes in house values (location; size; condition; amenities; etc.), one factor that has been consistently correlated with changes in house values over time is interest rates . When interest rates are high , it makes it more difficult for people to borrow money against their houses , since borrowing costs are higher . Conversely , when interest rates are low , it becomes easier for people to borrow money against their houses since borrowing costs are lower . Over time , fluctuations in interest rates tend to correlate with fluctuations in house values .

Given that Queens Village experiences significant increases in both home equity and home prices over time due largely to fluctuations in interest rates , it would appear that there may be some inherent risk associated with buying a property within this particular zip code – particularly if buyers cannot rely on strong wage growth prospects to keep up with escalating housing costs